- Binance is already working with a local partner
- Indications show the launch is about to take place
- CZ emphasizes on the importance of the South Korean market
Binance cryptocurrency exchange is reportedly planning to set up a branch in South Korea. The company is already scouting for a Compliance Officer for the Seoul office.
The announcement came on a July 16, 2019, press release in the media outlet Block in press states that the Malta-based crypto exchange is already working with local partners to launch the new branch in the country. According to the announcement, Binance CEO Changpeng Zhao (CZ) confirmed the issue even though he shared no more details, saying that at the moment they do not know them.
Advertised for a Compliance Officer
While there may not yet be more details, a report appearing in one media outlet says the new business christened Binance LLC will be established in the country and the director is listed as Jiho Kang of BXB Inc., a firm offering a Korean won-backed Stablecoin. A Binance representative reportedly told the Block in Press, “We have been in discussions with BXB, but there is no specific decision.” There are all indications that the launch is on the cards since Binance has been advertising for a compliance officer for South Korea. A post about the job website says:
“We are seeking a Compliance Officer to support our expansion into all global frontiers, including KYC, Client Onboarding and AML/CFT. The role is based in Seoul, South Korea.”
Importance of the South Korean Market
According to Binance’s post, the company needs a person with “at least 3-5 years” directly related experience in a legal or compliance role with substantial knowledge of relevant rules and regulations and the day-to-day compliance affairs. The firm is looking for an individual who will be able to support the expansion of the exchange into all global frontiers.
Binance CEO Changpeng Zhao has previously hinted on the company’s desire and potential to expand to South Korea during the Blockchain Partners Summit in Seoul, July 2018. During that summit, CZ emphasized on the importance of the South Korean market adding that Binance would contribute to help grow its cryptocurrency industry.
Binance has been on a global expansion spree in the recent past. The firm has opened and is operating several local platform offering services in countries such as Uganda and most recently Singapore. Binance showed earlier this year it was planning to take the blockchain and crypto revolution to Argentina.